Generally, non-U.S. citizens and non-U.S. residents who are present in the United States fewer than 180 days a year. However, many tax-exempt investors, such as not-for-profit institutes, retirement funds, and endowments may invest in offshore hedge funds. Both these foreign investors and U.S. exempt investors will invest in either a parallel fund of an existing U.S. fund, or they will invest in a foreign-feeder fund which is set up as a corporation.